Sunday, August 1, 2010
START A SMALL BUSINESS – NOW! PART 1: INTRODUCTION
While we were strolling in the mall, we bumped into a magazine stand that sells back copies. I rushed through it and while others are getting magazines about fashion and foods, I went to the business and finance section. For sure, I looked immediately for my favorite magazine, my inspirational and motivational partner in business, Entrepreneur Philippines. I was shocked to see that I missed a very important issue this year. My God, it was titled as NEW BUSINESS STARTER GUIDE! That’s actually why this blog was established! It is for small business enthusiasts especially for those who are just starting.
I will rewrite here straight from the magazine, yes I’m gonna type it manually, all the articles that I think will be useful to the small business enthusiasts who are reading this blog especially those who were not able to get a copy of this magazine. Since I really love this issue, I think I will type almost everything that’s in the magazine and it needs to be divided into several posts. Well, Entrepreneur magazine is an angel, a business partner, and a business mentor to all of small business enthusiasts in the Philippines.
Ok, let me begin the first article that I saw which is entitled “START A BUSINESS – NOW!”
There’s not better time than the present to begin your own entrepreneurial journey. We tell you why.
The time is now – to start a business, that is. Why is that? Well, there’s no better time to start anything that the present moment. And we’re not just saying that because it’s the New Year, which always lends itself to thoughts about beginnings. But while these musings may just be fancies, forgotten as soon as February steps in, starting a new business is an entirely more serious and committed undertaking.
And because we at ENTREPRENEUR don’t want you wasting your Christmas bonuses, savings or retirement fund on a venture that won’t last three months – leaving your would-be employees grumbling the rest of the year – here’s our effort to help you along the road of entrepreneurship: a concise business starter guide that you can turn to when you feel you are ready to take the plunge.
Again, we assert that now is the time to be your own boss, whether of a small enterprise or, if your resources allow it, a big-capital undertaking. Besides the fact that you can only dilly-dally for so long before you decide it’s the right time to start, here are some macroeconomic facts to support our stand:
• The Asian Development Bank forecasts the Philippine economy to grow by 3.3% this year – meaning it has weathered global financial crisis. “Economic recovery is under way and is likely to strengthen in 2010,” ADB assistant chief economist Joseph E. Zveglich Jr. Said in a recent BusinessWorld report. “The prospects are looking up. We are seeing some improved business and consumer sentiment in recent months. And there are some signs that trade has bottomed out.”
• Personal consumption and government consumption, which are measures of private and public spending, are also on the rise, indicating that people are starting to let their money loose.
• The number of micro, small and medium enterprises (MSMEs) – which make up 99.6% of all businesses in the country – continues to rise, according to the Department of Trade and Industry.
If you’re not the kind that’s swayed by big number and official forecasts, then maybe advice from fellow entrepreneurs will. Asked if it’s wise to start a business in 2010, Armando Bartolome, a noted franchising consultant and president of GMB Franchise Developers, says: “Starting a business does not depend on having a perfect time; what is required is for an entrepreneur to have established a business concept and written down a business plan.”
“I see that next year (2010) things will be much better (for business) yes full of challenges,” Bartolome adds.
Ditto with Lex Ledesma, a serial entrepreneur who is part owner of the iconic Whistlestop restaurant and one of the founders of The One School. He says: “I don’t believe that timing or the general state of the economy has anything to do with the timing of starting a business. The big question is, what is the business? The specific business should serve the needs of the present market. Plus this should be differentiated.
“Also, the nature of enterprise should be aligned with the passion and skills of the entrepreneur. If these criteria are met, then the time doesn’t matter, “Ledesma adds.
Continue on Part 2 of Start a Small Business Now: 10 Questions You Need to Ask Yourself Before Sailing On With Your Own Entrerprise.
Rewrite from Entrepreneur Philippines
January – February 2010 issue. All rights reserved.